COMPILATION www.datoz.com
OFFICE
1Q2022
CDMX
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We are Datoz We combine continuous commercial real estate research with cutting edge software to provide transparency to the industry through impartial and constantly updated market intelligence. Our research team monitors and records real estate activity throughout México, covering 24 markets in the industrial segment, 5 markets in the corporate segment and 15 markets in the retail segment. Research efforts include field verification activities that reinforce our data precision and provide our researchers with physical evidence to support our monthly market updates. Datoz proprietary software allows users to connect online any time and from anywhere. Our suite of products offers the possibility to search verified available spaces, download property brochures, view details from thousands of lease and sale transactions, customize data-sets, download statistics and indicators in friendly and customizable formats, among many other features.
01 |
1Q22 CDMX
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Index
02 |
1Q22 CDMX
We are Datoz
1
Index
2
Economic outlook
3
Market location
4
Inventory
5
Vacancy rate
6
Gross absorption
7
Asking price
8
Construction activity
9
Summary
10
Glossary
11
Methodology
12
Contact information / Privacy policy
13
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ECONOMIC OUTLOOK 1Q22
Economic outlook During 1Q 2022, 385,704 formal jobs were added, hence for the first time 21 million workers were registered, according to the Instituto Mexicano del Seguro Social (IMSS).
In February 2022, consumption registered a 9.9% annual increase, while monthly consumption had a rise of only 1.3%. This is the eighth continuous monthly growth and the highest in two months, according to INEGI.
Inflation accelerated in March and reached 7.45%, its highest level in 21 years. This was due to the increase in energy, egg and tortilla prices, according to INEGI.
According to INEGI (Instituto Nacional de Estadística y Geografía), national industrial activity increased 1.0% in January 2022, compared to the previous month. The slight increase was driven by the mining industry, which had a 7% rise. Compared to January 2021, industrial activity grew 4.3%.
03 |
1Q22 CDMX
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Market location
CDMX
CORRIDOR Bosques Insurgentes Interlomas Lomas Altas Lomas Palmas Norte Periférico Sur Polanco Reforma Santa Fe Otro
04 |
1Q22 CDMX
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INVENTORY 1Q22
Inventory Mexico City’s delivered inventory closed 1Q 2022 with a total of 10.7 million m2 of GLA, approximately 0.76% more than the same period a year earlier, this market added 80,636 m2 during the last 12 months.
largest corridor in the city with a total GLA of 2.3 million m2. This quarter only Polanco added 80,636 m2 , reaching 1.8 million m2.
Mexico City has 11 corridors, Insurgentes, Polanco, Santa Fe and Reforma account for 67% of total inventory. Insurgentes is the
Market inventory measures the total size of a real estate market taking into account delivered buildings from all class types (A+, A and B).
05 |
1Q22 CDMX
CORRIDOR
INVENTORY
Insurgentes
2,350,000
Polanco
1,852,684
Santa Fe
1,564,045
Reforma
1,379,294
Norte
877,705
Lomas Palmas
815,054
Periférico Sur
805,909
Bosques
479,639
Interlomas
212,829
Otro
198,339
Lomas Altas
154,476
Total
10,689,974
Polanco
Santa Fe
17% 22% 15% 13%
Insurgentes Lomas Altas 1% Otros 2% Interlomas 2% Bosques 4%
8% 8%
Lomas Palmas
8% Periférico Sur
Reforma
Norte
*m2
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**CDMX
© Source: Datoz
VACANCY RATE
1Q22
Vacancy rate
In the first quarter of 2022, a vacancy rate of 24.00% was recorded for the market, roughly 2.4 million m2 of available space delivered and 416,061 m2 under construction, a year-over-year increase of 202 basis-points. The rate remains high due to low absorption, even as new building deliveries have been paused. Norte had the highest vacancy rate in the market reaching 47.85% with over 433,100 m2 of available space delivered and under construction. Meanwhile Insurgentes vacancy rate was 24.86% and represents the most vacant space in the market with 660,057 m2.
2021
2022
Norte
47.72%
47.85%
Bosques
Lomas Altas
37.47%
38.44%
Reforma
Interlomas
25.53%
31.81%
Santa Fe
26.72%
28.93%
Polanco
Insurgentes
20.35%
24.86%
Periférico Sur
Otro
10.19%
23.72%
Otro
Periférico Sur
20.44%
21.24%
Insurgentes
Polanco
19.57%
20.61%
Santa Fe
Lomas Palmas
15.34%
17.30%
Interlomas
Reforma
16.06%
15.42%
Lomas Altas
Bosques
10.29%
10.94%
Norte
Average
21.98%
24.00%
CORRIDOR
The ratio of available space to total inventory is described as vacancy rate.
*CDMX
06 |
1Q22 CDMX
© Source: Datoz
Lomas Palmas
0%
20%
40% 2021
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2022
60%
GROSS ABSORPTION
1Q22
Gross absorption
Mexico City recorded a gross absorption of 12,232 m2, 73.51% less than 1Q 2021. Norte and Reforma drove this absorption with 43% of transactions, adding up to roughly 2,650 m2, respectively. Absorption levels were low because of smaller size transactions. New leasing modalities resulted in greater supply, but smaller transactions due to hybrid work schemes.
Gross absorption refers to the amount of space leased and sold to an end-user during any given period.
07 |
1Q22 CDMX
CORRIDOR
1Q-2022
Norte
2,656
Reforma
Reforma
2,652
Insurgentes
Insurgentes
2,355
Lomas Palmas
2,313
Periférico Sur
1,429
Polanco
341
Santa Fe
Interlomas
250
Bosques
Santa Fe
236
Lomas Altas
-
Otro
-
Bosques
-
Total
12,232
Norte
Lomas Palmas Periférico Sur Polanco Interlomas
Otro Lomas Altas -
1,000
2,000
*m2
3,000
**CDMX
© Source: Datoz
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ASKING PRICE
1Q22
Asking price
In the first quarter of 2022, the weighted average lease asking price for office space in Mexico City stood at $21.84 USD/m2/month, a year-over-year increase of 7.15%. A rebound in asking prices is observed due to growing supply of plug and play offices.
CORRIDOR
USD
Lomas Palmas
$27.34
Polanco
$26.24
Bosques
$25.76
Reforma
$23.83
Insurgentes
$22.80
Periférico Sur
$22.53
Santa Fe
$22.47
Interlomas
$19.81
Lomas Altas
$18.56
Norte
$16.72
Otro
$14.22
$15
Average
$21.84
$10
Lomas Palmas corridor had the highest asking price in the market, currently averaging at $27.34 USD/m2/month, followed by Polanco at $26.24 USD/m2/month. Norte had the lowest price at $16.72 USD/m2/month. $30 $25 $20
$5
The asking price is the rate per m2 at which a building’s space is offered.
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1Q22 CDMX
*USD/m2/mes **CDMX © Source: Datoz
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Otro
Norte
Lomas Altas
Interlomas
Santa Fe
Periférico Sur
Insurgentes
Reforma
Bosques
Polanco
Lomas Palmas
$0
CONSTRUCTION ACTIVITY
1Q22
Construction activity
During the first quarter of 2021, Mexico City recorded 1.1 million m2 of GLA under construction, a year-over-year decrease of 6.81%. Caution in new constructions in this market continues. Reforma had the highest construction activity, closing the quarter with 342,358 m2 across seven projects, followed by Insurgentes with 305,572 m2 across 18 projects.
Featured projects
Construction activity measures the total amount of construction during any given period.
09 |
1Q22 CDMX
BUILDING
GLA
TYPE OF BUILDING
CLASS
CORRIDOR
DEVELOPER
Llevel Polanco
24,000
Mixed Use
A+
Polanco
Republica Arquitectos
Miyana Torre II
64,890
Mixed Use
A+
Polanco
Grupo Gigante Inmobiliario
Espacio Condesa
47,961
Mixed Use
A+
Insurgentes
Fibra Plus
*m2 **CDMX **GLA (Gross Leasable Area). © Source: Datoz
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SUMMARY
1Q22
Summary Mexico City’s corporate market closed the 1Q 2022 with a delivered inventory of 10.7 million m2 of GLA.
By the end of 1Q 2022, the market’s vacancy rate reached 24.00%, roughly 2.4 million m2 of delivered space plus 416,061 m2 under construction.
During 1Q 2022 Mexico City recorded a gross absorption of 12,232 m2. The weighted average asking price for office space in Mexico City ended the quarter at $21.84 USD/m2/month.
During the 1Q 2022, Mexico City’s market recorded 1.1 million m2 of GLA under construction.
10 |
1Q22 CDMX
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GUADALAJARA
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Market location
GUADALAJARA
CORRIDOR López Mateos Sur Providencia Puerta de Hierro Vallarta Zona Financiera
04 |
1Q22 Guadalajara
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INVENTORY 1Q22
Inventory Guadalajara’s delivered inventory closed 1Q 2022 with a total of 916,885 m2 of GLA (Gross Leasable Area), a growth of 3.25% compared to the same period in 2021. This market has five corridors. Zona
Market inventory measures the total size of a real estate market taking into account delivered buildings from all class types (A+, A and B).
05 |
1Q22 Guadalajara
CORRIDOR
INVENTORY
Zona Financiera
274,640
Puerta de Hierro
268,925
López Mateos Sur
224,256
Vallarta
97,549
Providencia
51,515
Total
916,885
Financiera, Puerta de Hierro, and López Mateos Sur are the largest and concentrate 83% of total inventory. Zona Financiera and Puerta de Hierro had an inventory of 274,640 m2 and 268,925 m2, respectively.
Providencia
Zona Financiera
6%
30%
Puerta de hierro
29%
*m2 **Guadalajara © Source: Datoz
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11% 24%
Vallarta
López Mateos Sur
VACANCY RATE
1Q22
Vacancy rate
The ratio of available space to total inventory is described as vacancy rate.
06 |
1Q22 Guadalajara
By the end of 1Q 2022, a vacancy rate of 18.33% was recorded for the market, roughly 155,809 m2 belonged to delivered space and 27,728 m2 under construction, a year-over-year increase of 6 basis points. The dynamic absorption in the last year reduced the vacancy rate.
CORRIDOR
2021
López Mateos Sur
18.07%
25.13%
Providencia
20.27%
21.78%
Zona Financiera
19.63%
18.43%
Puerta de Hierro
17.80%
14.59%
Vallarta
16.46%
10.98%
Average
18.39%
18.33%
**Guadalajara © Source: Datoz
2022
Zona Financiera corridor had the highest available delivered and under construction space with 54,320 m2 and the rate stood at 18.43%. Meanwhile López Mateos Sur had the highest vacancy rate with 25.13%.
López Mateos Sur Providencia Zona Financiera Puerta de hierro Vallarta
0%
5%
10%
15%
2021
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20%
2022
25%
30%
GROSS ABSORPTION
1Q22
Gross absorption
CORRIDOR
1Q-2022
Providencia
1,212
Vallarta
1,123
Zona Financiera
935
López Mateos Sur
922
Puerta de Hierro
-
Total
4,192
The market totaled 4,192 m2 of gross absorption during 1Q 2022, a year-over-year decrease of 68.39%. Providencia was the top performing corridor in the market, with 1,212 m2 in four real estate transactions. The most important transaction occurred in Ontario 1090 with 540 m2 by Johnson Controls. This quarter's lease transactions were smaller compared to previous quarters.
Providencia Vallarta Zona Financiera López Mateos Sur Puerta de Hierro
Gross absorption refers to the amount of space leased and sold to an end-user during any given period.
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1Q22 Guadalajara
-
*m2 **Guadalajara
200
400
600
800
1,000
© Source: Datoz
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1,200
1,400
ASKING PRICE
1Q22
Asking price
CORRIDOR
MXN
Puerta de Hierro
$408.81
Zona Financiera
$401.78
Vallarta
$353.18
López Mateos Sur
$314.54
Providencia
$303.30
Average
$356.32
In the first quarter of 2022, the weighted average lease asking price for office space in Guadalajara stood at $356.32 MXN/m2/month, a year-over-year increase of 32.45%. Puerta de Hierro corridor had the highest asking price in the market, currently averaging at $408.81 MXN/m2/month, while Providencia had the lowest price at $303.30 MXN/m2/month.
The asking price is the rate per m2 at which a building’s space is offered.
08 |
1Q22 Guadalajara
*MXN/m2/month **Guadalajara © Source: Datoz
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Providencia
López Mateos Sur
Vallarta
Zona Financiera
Puerta de Hierro
$500 $400 $300 $200 $100 $0
CONSTRUCTION ACTIVITY
1Q22
Construction activity By the end of 1Q 2022, Guadalajara recorded 84,602 m2 of GLA under construction across 10 projects, 25.45% less than the first quarter of 2021. No new projects started construction in the last quarter. Featured projects
Construction activity measures the total amount of construction during any given period.
09 |
1Q22 Guadalajara
BUILDING
ANR
TYPE OF BUILDING
CLASS
CORRIDOR
Mar Báltico 2242
8,300
Stand Alone
A+
Zona Financiera
Grupo Favier
Puerta Aleden
2,900
Stand Alone
A+
Puerta de Hierro
Indèa
Torre Rubén Dario BC
7,028
Mixed Use
A+
López Mateos Sur Kiva Grupo Inmobiliario
*m2 **GLA (Gross Leasable Area). ***Guadalajara
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DEVELOPER
SUMMARY
1Q22
Summary Guadalajara’s office market closed the 1Q 2022 with a delivered inventory of 916,885 m2. By the end of 1Q 2022, the market’s vacancy rate was 18.33%, around 155,809 m2 belonged to delivered space and 27,728 m2 was still under construction. During 1Q 2022 Guadalajara recorded a gross absorption of 4,192 m2.
The weighted average asking price for office space in Guadalajara was $356.32 MXN/m2/month.
During the 1Q 2022, Guadalajara’s market recorded 84,602 m2 under construction.
10 | 1Q22 Guadalajara
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MONTERREY
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Market location
CORRIDOR
1Q21 Monterrey 04 | 3Q21 1Q22Monterrey Monterrey
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INVENTORY 1Q22
Inventory Monterrey’s delivered inventory, which includes 13 corridors, closed 1Q 2022 with a total of 1.7 million m2 of GLA, approximately 2.18% more than the same period a year earlier. Valle Oriente, the largest corridor in the
Market inventory measures the total size of a real estate market taking into account delivered buildings from all class types (A+, A and B).
05 |
1Q22 Monterrey
market, concentrated 33% of Monterrey’s inventory, with a total GLA of 581,377 m2, followed by Margáin-Gómez Morín with 299,465 m2 and Centro with 263,347 m2. These corridors concentrated 65% of total inventory. Valle Oriente
CORRIDOR
INVENTORY
Valle Oriente
581,377
Margáin-Gómez Morín
299,465
Centro
263,347
Santa María
141,793
Obispado
85,286
Santa Catarina
83,606
San Jerónimo
80,786
Valle
77,974
Contry
59,564
San Francisco
26,745
3% Contry
Apodaca-Miguel Alemán
21,408
2% San Fco.
Carretera Nacional
17,450
Valle Poniente
11,558
Total
1,750,359
17% 33%
15% 8%
Margáin Gómez Morín
Centro
Santa María
5% Santa Catarina 5% Obispado 5% San Jerónimo 4% Valle
1% Apodaca Miguel Alemán 1% Carretera Nacional 1% Valle Poniente
*m2
**Monterrey
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© Source: Datoz
VACANCY RATE
1Q22
Vacancy rate
In the first quarter of 2022, a vacancy rate of 18.30% was recorded for the market, roughly 309,741 m2 belonged to delivered space and 57,318 m2 was still under construction, a 194 basis-points increase year-over-year. New inventory, vacated space and lower absorption increased the rate. CORRIDOR
2021
2022
Valle Poniente
61.08%
57.34%
Valle Poniente
Contry
31.83%
40.17%
Contry
Apodaca-Miguel Alemán
36.24%
36.24%
Apodaca - Miguel Alemán
San Jerónimo
29.10%
31.55%
Santa Catarina
10.26%
28.95%
Santa María
The ratio of available space to total inventory is described as vacancy rate.
Valle Oriente was the corridor with most available space with 62,428 m2 delivered space and 28,931 m2 under construction; its rate stood at 14.93%. Margáin-Gómez Morín’s rate stood at 17.90%, with 56,198 m2 delivered space.
24.84% 27.62%
Margáin-Gómez Morín
17.88%
17.90%
Valle Oriente
15.00%
14.93%
Centro
9.80%
12.86%
San Francisco
9.67%
10.80%
Valle
10.00%
8.72%
Obispado
6.29%
6.64%
Carretera Nacional
0.52%
0.00%
Average
16.21%
18.15%
San Jerónimo Santa Catarina Santa María
Margáin - Gómez Morín Valle Oriente Centro San Francisco Valle Obispado Carretera Nacional
0%
20%
2021
*Monterrey © Source: Datoz
06 |
1Q22 Monterrey
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40%
60%
2022
80%
GROSS ABSORPTION
1Q22
Gross absorption
Monterrey recorded a gross absorption of 9,314 m2 during 1Q 2022, 67.58% more than 2021. Valle Oriente drove this absorption with 70% of transactions, adding roughly 6,542 m2, followed by Margáin-Gómez Morín with 2,772 m2. The largest transaction was 4,952 m2 in the building Los Soles to a data center company.
Gross absorption refers to the amount of space leased and sold to an end-user during any given period.
07 |
1Q22 Monterrey
CORRIDOR
1Q-2022
Valle Oriente
6,542
Margáin-Gómez Morín
2,772
Santa María
-
San Jerónimo
-
Distrito UNI
-
Contry
-
Santa Catarina
-
Valle
-
Centro
-
Carretera Nacional
Carretera Nacional
-
San Francisco
Valle Poniente
-
Obispado
-
Apodaca-Miguel Alemán
-
San Francisco
-
Total
9,314
Margáin-Gómez Morín Valle Poniente Centro Obispado Contry
-
*m2
2,000
**Monterrey
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4,000
6,000
© Source: Datoz
8,000
ASKING PRICE
1Q22
Contry
$318.82
Valle Poniente
$280.00
Distrito UNI
$280.00
San Francisco
$274.33
$300
Santa Catarina
$269.41
Apodaca-Miguel Alemán
$263.96
Centro
$259.68
Average
$320.00
*MXN/m2/month **Monterrey
The asking price is the rate per m2 at which a building’s space is offered.
08 |
1Q22 Monterrey
$450 $400 $350 $250 $200 $150 $100 $50 $0
© Source: Datoz
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Centro
$318.98
Carretera Nacional
Obispado
Apodaca-Miguel Alemán
$329.57
Santa Catarina
Valle
San Francisco
$344.23
Distrito UNI
Santa María
Margáin-Gómez Morín had the highest asking price in the market, currently averaging at $451.98 MXN/m2/month, while Centro had the lowest price with $259.68 MXN/m2/month.
Valle Poniente
$350.77
Contry
San Jerónimo
Obispado
$418.33
Valle
Valle Oriente
Santa María
$451.98
San Jerónimo
Margáin-Gómez Morín
In the first quarter of 2022, the weighted average lease asking price for office space in Monterrey stood at $320 MXN/m2/month, 21.87% more than the same period early.
Valle Oriente
MXN
Margáin-Gómez Morín
Asking price
CORRIDOR
CONSTRUCTION ACTIVITY
1Q22
Construction activity
During the 1Q 2022, Monterrey recorded 255,462 m2 of GLA under construction across 26 projects, a year-over-year decrease of 3.22%. San Francisco had the highest construction activity, closing the quarter with 57,449 m2 across two buildings, followed by Santa María with 38,000 m2.
Featured projects
Construction activity measures the total amount of construction during any given period.
09 |
1Q22 Monterrey
BUILDING
GLA
TYPE OF BUILDING
BH Lifework
30,000
Mixed use
A+
Santa María
Plate
Torre Gentor
14,500
Stand Alone
A+
Margáin-Gómez Morín
--
Ikon Tower
19,000
Mixed use
A+
Valle Oriente
Visa Desarrollos
CLASS
CORRIDOR
*m2 **GLA (Gross Leasable Area). ***Monterrey © Source: Datoz
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DEVELOPER
SUMMARY
1Q22
Summary Monterrey’s office market closed the 1Q 2022 with a delivered inventory of 1.7 million m2.
By the end of 1Q 2022, the market’s vacancy rate was 18.30%, around 309,741 m2 belonged to delivered space and 57,318 m2 was still under construction.
During 1Q 2022, Monterrey recorded a gross absorption of 9,314 m2.
The weighted average asking price for office space in Monterrey was $320 MXN/m2/month.
Monterrey recorded 255,462 m2 under construction.
10 | 1Q22 Monterrey
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QUERÉTARO
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Market location
Querétaro
CORRIDORS Centro Sur 5 de Febrero Juriquilla Bernardo Quintana Corregidora El Marqués
04 |
1Q22 Querétaro
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INVENTORY 1Q22
Inventory Querétaro’s delivered inventory closed 1Q 2022 with total of 657,452 m2 of GLA, approximately 3.14% more than the same period of 2021. This market has six corridors, Centro Sur, 5 de Febrero and Juriquilla
account for 85% of total inventory. Centro Sur is the largest corridor with a total GLA of 258,095 m2. Juriquilla drove inventory growth, adding 20,000 m2 in the last 12 months, reaching 109,215 m2.
Corregidora CORRIDOR
Centro Sur
Market inventory measures the total size of a real estate market taking into account delivered buildings from all class types (A+, A and B).
05 |
1Q22 Querétaro
El Márques
INVENTORY
Bernando Quintana
258,095
5 de Febrero
191,471
Juriquilla
109,215
Bernardo Quintana
84,338
Corregidora
9,559
El Marques
4,774
Total
657,452
13% Juriquilla
39%
17%
29% 5 de Febrero
*m2 **Querétaro © Source: Datoz
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Centro Sur
VACANCY RATE
1Q22
Vacancy rate Juriquilla was the corridor with most available space with 49,522 m2 delivered and under construction space; the vacancy rate stood at 40.90%. Meanwhile Centro Sur’s rate stood at 11.95%.
By the end of 1Q 2022, a vacancy rate of 16.01% was recorded for the market, roughly 112,335 m2 belonged to delivered space and 11,300 m2 was still under construction, a year-over-year increase of 235 basis-points. New inventory and vacated spaces increased the rate.
CORRIDOR
2021
2022
El Marques
100.00%
100.00%
Juriquilla
33.65%
40.90%
Corregidora
54.45%
35.19%
Bernardo Quintana 13.66%
17.73%
Centro Sur
11.67%
11.95%
5 de Febrero
2.34%
5.23%
Average
13.66%
16.01%
**Querétaro
1Q22 Querétaro
Juriquilla
2021
Corregidora
2022
Bernardo Quintana Centro Sur 5 de Febrero
0%
The ratio of available space to total inventory is described as vacancy rate.
06 |
El Marques
20%
40%
60%
© Source: Datoz
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80%
100%
GROSS ABSORPTION
1Q22
Gross absorption Querétaro recorded a gross absorption of 5,970 m2 during 1Q 2022, 204.59% more than 2021. Juriquilla drove this absorption with 60% of transactions, adding roughly 3,597 m2, followed by Bernardo Quintana with 1,518 m2.
Gross absorption refers to the amount of space leased and sold to an end-user during any given period.
07 |
1Q22 Querétaro
CORRIDOR
1Q-2022
Juriquilla
3,597
Bernardo Quintana
1,518
5 de Febrero
645
Centro Sur
210
Corregidora
-
El Marques
-
Total
5,970
*m2 **Querétaro
The most important transactions were in Querétaro Business Park II in Juriquilla and Alamos Lifestyle Center in Bernardo Quintana corridor. The market continues to recover its numbers from previous quarters with bigger transactions.
Juriquilla Bernardo Quintana 5 de Febrero Centro Sur Corregidora El Marques -
1,000
© Source: Datoz
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2,000
3,000
4,000
ASKING PRICE
1Q22
Asking price
CORRIDOR
MXN
El Marqués
$300.00
Bernardo Quintana
$295.17
5 de Febrero
$285.12
Juriquilla
$284.61
Centro Sur
$277.10
Corregidora
$258.51
Average
$283.42
In the first quarter of 2022, the weighted average lease asking price for office space in Querétaro stood at $283.42 MXN/m2/month, a year over year increase of 13.96%. El Marques had the highest asking price in the market, currently averaging at $300.00 MXN/m2/month, while Corregidora had the lowest price at $258.51 MXN/m2/month.
The asking price is the rate per m2 at which a building’s space is offered.
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1Q22 Querétaro
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Corregidora
Centro Sur
Juriquilla
5 de Febrero
Bernardo Quintana
*MXNm2/mes **Querétaro
El Marques
$310 $300 $290 $280 $270 $260 $250 $240 $230
CONSTRUCTION ACTIVITY
1Q22
Construction activity By the end of 1Q 2022, Querétaro recorded 114,829 m2 of GLA under construction across 12 projects, 14.83% less than 1Q 2021. Centro Sur had the highest construction activity, closing the quarter with 58,287 m2 across five projects, followed by 5 de Febrero with 37,609 m2. Featured projects
Construction activity measures the total amount of construction during any given period.
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1Q22 Querétaro
BUILDING
GLA
TYPE OF BUILDING
CLASS
CORRIDOR
DEVELOPER
C717 Torre I y II
24,160
Mixed Use
A+
Centro Sur
Grupo DRT
High Park II
26,527
Stand Alone
A+
Centro Sur
Península Residence
Distrito Santander
32,000
Stand Alone
A
5 de Febrero
Fibra Uno
*m2 **GLA (Gross Leasable Area). ***Querétaro © Source: Datoz
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SUMMARY
1Q22
Summary Querétaro’s office market closed the 1Q 2022 with a delivered inventory of 657,452 m2 of GLA.
By the end of 1Q 2022, the market’s vacancy rate reached 16.01%, roughly 112,335 m2 of delivered space plus 11,300 m2 under construction.
During 1Q 2022, Querétaro recorded a gross absorption of 5,970 m2.
The weighted average asking price for office space in Querétaro ended the quarter at $285.42 MXN/m2/month.
During the 1Q 2022, Querétaro recorded 11,300 m2 of GLA under construction.
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GLOSSARY
1Q22
Glossary Inventory (m2): Market inventory measures the total size of a real estate market taking into account delivered buildings from all class types (A+, A and B).
Vacancy Rate (%): The ratio of available space to total inventory.
Availability (m2): Measure of the total space available for lease and sale including delivered buildings as under construction and planned from all classes (A+, A and B).
Gross Absorption (m2): Refers to the amount of space leased or sold to an end-user during any given period.
Asking price (USD/m2/month): The rate per square meter at which a building’s space is offered.
Construction Activity (m2): Measures the total amount of construction during any given period.
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METHODOLOGY
1Q22
Methodology We work with an extensive network of market participants and maintain constant contact to update information on a monthly basis. In this manner, we ensure that key market data comes directly from the professionals involved in diverse activities that affect commercial real estate in each and every market. Our researchers verify all collected data and visit markets regularly to corroborate information that can only be validated through physical surveys and on-site inspections. We continuously work to standardize number formats, calculations and ratios in order to present our results in a simple and comprehensible manner. Once data has been thoroughly verified and meets quality standards, it is merged and loaded unto our database, which in turn compares it against other entries pertaining to the same property and market to validate its place in a building’s historic timeline. Furthermore, our analysts continually review our data-sets in order to proactively amend anomalies and in doing so help maintain the highest standards of quality for real estate data in Mexico.
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Legal notice The material presented in this document by Datoz Real Estate refers to information collected from the market and provided by trusted sources. The contents shall be exclusively informative without legal value or effect or of any other nature, so Datoz Real Estate is not responsible for any damage that results from or may derive from the use or misuse that is made of these contents. For more information about this report or any other investigative material of Datoz consult our website www.datoz.com.
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1Q22 Querétaro
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